Tiger Global in talks to invest in Moglix, Upstox
Tiger Global Management is in talks to invest up to $80-90 million in industrial goods marketplace Moglix and $20-30 million in online stock brokerage Upstox, as the New York-based firm ramps up the pace of investments in the country.
The development also comes after Tiger Global’s head of private investments Lee Fixel, who had championed India internet investments at the firm, quit in March this year. Tiger Global, which is an early backer of companies like online retail major Flipkart and ride-hailing giant Ola, has ramped up investments in the country over the last few months.
The firm had raised a record $3.75 billion global fund for private investments last year, part of it on the back $3-billion cash out from Flipkart, which was acquired by US retail giant Walmart for $16 billion.
The firm has already closed or is in advanced talks to close five deals — software companies Zenoti, Locus, CleverTap and SirionLabs besides agricultural supply chain start-up Ninjacart, which has been its largest investment of about $90 million.